US STOCKS: Equities Roundup: Energy, IT Sectors Outperforming
Mar-06 16:30
- Stocks are stronger in late morning trade. Still off Monday's highs, stocks reacted positively to lower than expected ADP private employment data and Federal Reserve Chairman Powell's testimony to congress deemed less hawkish than it could have been. Currently, DJIA is up 244.11 points (0.63%) at 38829.95, S&P E-Minis up 41 points (0.81%) at 5127.25, Nasdaq up 134.7 points (0.8%) at 16074.63.
- Leading Gainers: Energy and Information Technology sectors outperformed in the first half, oil and gas shares buoyed the former as crude prices rallied (WTI +2.37 to 80.52): Targa Resources +2.53%, Chevron +1.52%, Marathon +1.51%. Continued demand for high end chips for AI applications supported IT: Skyworks +4.90%, Qualcomm +4.55%, Intel +3.67%, Nvidia +3.67%.
- Laggers: Communication Services and Consumer Discretionary sectors underperformed in the first half, with a mixe of media/entertainment and telecom shares weighing on the former: Charter Communications -2.04%, Disney -1.82%, Verizon -0.88%. Automakers weighed on the Consumer Discretionary sector for the third day running, led by Tesla again -1.9%, while Ford traded -1.23%, GM -0.64%.
- The trend condition in S&P E-Minis remains bullish and the latest move lower appears to be a correction. Price action continues to highlight the fact that corrections are shallow - this is a bullish signal that highlights positive market sentiment. Support to watch is 5049.64, the 20-day EMA. A clear break of this average would signal potential for a deeper retracement towards 4935.76, the 50-day EMA. Sights are on 5170.86, a Fibonacci projection.
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LOOK AHEAD: Tuesday Data Calendar: Fed Speakers, 3Y Note Sale
Feb-05 16:23
- US Data/Speaker Calendar (prior, estimate)
- Feb-6 1130 US TSy $80B 42D CMB bill auction
- Feb-6 1200 Cleveland Fed Mester economic outlook, livestreamed, text and Q&A
- Feb-6 1300 US Tsy $54B 3Y Note auction (91282CKA8)
- Feb-6 1300 MN Fed Kashkari moderated Q&A, livestreamed
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- Feb-6 1900 Philly Fed Harker on Fed role in the economy, text, Q&A
BONDS: BTP Positioning Moves Long, Gilt To Short, OAT Stays Flat (2/2)
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Elsewhere in Europe, there have been divergences evident across structural positioning:
- OAT: OAT remains in flat structural positioning, where it has been for most of the past half-year. Trade last week was indicative of long setting.
- GILT: Gilt structural positioning, like Bund, has moved to long in late 2023, to flat in Jan, to short structural positioning currently. in our previous two updates. Some long-setting was seen last week.
- BTP: BTP structural positioning stands apart by moving into long territory for the first time since September, from flat previously, with some short covering seen last week.
US TSYS: US TSY 26W AUCTION: NON-COMP BIDS $2.165 BLN FROM $70.000 BLN TOTAL
Feb-05 16:15
- US TSY 26W AUCTION: NON-COMP BIDS $2.165 BLN FROM $70.000 BLN TOTAL
